5 Key Reasons to Integrate Wellbeing into Your EVP
Jan 09, 2024
The importance of a robust Employee Value Proposition (EVP) cannot be overstated. It's not just about attractive salaries and career growth opportunities anymore; wellbeing has emerged as a pivotal element of a compelling EVP. Here are five reasons why wellbeing should be part of your EVP.
1. Enhanced Employee Engagement and Productivity
Incorporating wellbeing into your company's Employee Value Proposition (EVP) can significantly boost engagement and productivity. A report by Australian Commcare revealed that effective health and wellbeing programs within organisations see a three-fold increase in employee productivity and enhanced employee engagement. By prioritising employee wellbeing, companies can foster a more motivated and focused workforce which contributes to the success of the organisation.
2. Attracting and Retaining Top Talent
Today's workforce places a high value on wellbeing benefits. According to Forbes, 87% of employees consider health and wellness programs when choosing an employer and 67% of employees who work for organisations with wellbeing programs have higher job satisfaction and are more likely to recommend their employer to others. Integrating wellbeing into your EVP makes your company more attractive to potential hires and helps retain existing talent by showing a commitment to their overall health and happiness.
3. Improved Mental Health and Reduced Absenteeism
The mental health of employees is crucial for a thriving workplace. Research by the The Lancet found that for every $1 invested in scaled-up treatment for common mental disorders, there is a return of $4 in improved health and productivity. Healthier employees spend fewer days away from work due to illness, saving organisations considerable health care costs. A wellbeing-focused EVP can help reduce stress, burnout, and absenteeism, while promoting mental resilience.
4. Alignment with ESG Framework
Incorporating wellbeing into your EVP aligns with the Social component of the Environmental, Social, and Governance (ESG) framework, increasingly important for corporate responsibility. A report by McKinsey & Company highlighted that companies with high ESG ratings have lower costs of capital and better operational performance due to five key criteria, of which increased employee productivity is one. A strong ESG proposition can help companies attract and retain talent, enhance employee motivation through instilling purpose and therefore productivity.
5. Boost Company Culture and Employee Loyalty
A strong focus on wellbeing contributes to a positive company culture, fostering loyalty and a sense of belonging among employees. The Harvard Business Review reports that a positive work environment leads to a 12% increase in productivity. By integrating wellbeing into your EVP, you nurture a culture where employees feel valued and cared for.
Do you have a wellbeing strategy as part of your EVP? Get in touch with us HERE to find out how Better Being can improve the health and wellbeing of your employees and reap the results of increased employee productivity and engagement.
